XGLE.L vs. IMAE.AS

Last updated Jun 4, 2026

XGLE.L (Xtrackers Eurozone Government Bond UCITS ETF 1C) and IMAE.AS (iShares Core MSCI Europe UCITS ETF EUR (Acc)) are both exchange-traded funds - XGLE.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while IMAE.AS is a Europe Equities fund tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, XGLE.L returned -0.38%/yr vs 9.14%/yr for IMAE.AS. At a 0.05 correlation, their price movements are largely independent. XGLE.L charges 0.15%/yr vs 0.20%/yr for IMAE.AS.

Performance

XGLE.L vs. IMAE.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers Eurozone Government Bond UCITS ETF 1C (XGLE.L) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, XGLE.L has underperformed IMAE.AS with an annualized return of -0.38%, while IMAE.AS has yielded a comparatively higher 9.14% annualized return.

XGLE.L

• 1D: -0.44%
• 1M: 0.30%
• YTD: -0.00%
• 6M: -0.24%
• 1Y: -0.20%
• 3Y*: 2.18%
• 5Y*: -2.30%
• 10Y*: -0.38%

IMAE.AS

• 1D: -0.71%
• 1M: 3.95%
• YTD: 6.95%
• 6M: 9.74%
• 1Y: 16.05%
• 3Y*: 13.28%
• 5Y*: 9.84%
• 10Y*: 9.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XGLE.L vs. IMAE.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XGLE.L Xtrackers Eurozone Government Bond UCITS ETF 1C	-0.00%	0.57%	1.68%	6.80%	-18.23%	-3.63%	4.76%	6.62%	0.78%	-0.04%
IMAE.AS iShares Core MSCI Europe UCITS ETF EUR (Acc)	6.95%	19.74%	8.89%	15.99%	-9.31%	25.66%	-3.06%	25.45%	-9.65%	10.15%

Correlation

The correlation between XGLE.L and IMAE.AS is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Oct 26, 2009	0.05

Over the past year, XGLE.L and IMAE.AS have become more correlated (0.38) than their long-term average of 0.05, meaning their price movements have been converging.

Return for Risk

XGLE.L vs. IMAE.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XGLE.L

XGLE.L Risk / Return Rank: 8
XGLE.L Sharpe Ratio Rank: 8
XGLE.L Sortino Ratio Rank: 7
XGLE.L Omega Ratio Rank: 7
XGLE.L Calmar Ratio Rank: 8
XGLE.L Martin Ratio Rank: 8

IMAE.AS

IMAE.AS Risk / Return Rank: 35
IMAE.AS Sharpe Ratio Rank: 34
IMAE.AS Sortino Ratio Rank: 34
IMAE.AS Omega Ratio Rank: 35
IMAE.AS Calmar Ratio Rank: 34
IMAE.AS Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XGLE.L vs. IMAE.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Eurozone Government Bond UCITS ETF 1C (XGLE.L) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	XGLE.L	IMAE.AS	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	1.24	-1.29
Sortino ratio: Return per unit of downside risk	-0.04	1.84	-1.88
Omega ratio: Gain probability vs. loss probability	1.00	1.24	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.06	1.67	-1.73
Martin ratio: Return relative to average drawdown	-0.15	6.19	-6.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XGLE.L vs. IMAE.AS - Sharpe Ratio Comparison

The current XGLE.L Sharpe Ratio is -0.05, which is lower than the IMAE.AS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of XGLE.L and IMAE.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XGLE.L	IMAE.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	1.24	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	0.68	-1.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	0.58	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.53	-0.12

Drawdowns

XGLE.L vs. IMAE.AS - Drawdown Comparison

The maximum XGLE.L drawdown since its inception was -22.56%, smaller than the maximum IMAE.AS drawdown of -35.60%. Use the drawdown chart below to compare losses from any high point for XGLE.L and IMAE.AS.

Drawdown Indicators

	XGLE.L	IMAE.AS	Difference
Max Drawdown Largest peak-to-trough decline	-22.56%	-35.60%	+13.04%
Max Drawdown (1Y) Largest decline over 1 year	-3.54%	-9.47%	+5.93%
Max Drawdown (3Y) Largest decline over 3 years	-3.99%	-16.51%	+12.52%
Max Drawdown (5Y) Largest decline over 5 years	-21.62%	-19.44%	-2.18%
Max Drawdown (10Y) Largest decline over 10 years	-22.56%	-35.60%	+13.04%
Current Drawdown Current decline from peak	-14.25%	-2.20%	-12.05%
Average Drawdown Average peak-to-trough decline	-6.51%	-5.32%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	2.56%	-1.19%

Volatility

XGLE.L vs. IMAE.AS - Volatility Comparison

The current volatility for Xtrackers Eurozone Government Bond UCITS ETF 1C (XGLE.L) is 1.72%, while iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS) has a volatility of 4.85%. This indicates that XGLE.L experiences smaller price fluctuations and is considered to be less risky than IMAE.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XGLE.L	IMAE.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	4.85%	-3.13%
Volatility (6M) Calculated over the trailing 6-month period	3.54%	10.61%	-7.07%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	12.75%	-8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.34%	14.15%	-7.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.34%	15.54%	-10.20%

XGLE.L vs. IMAE.AS - Expense Ratio Comparison

XGLE.L has a 0.15% expense ratio, which is lower than IMAE.AS's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XGLE.L vs. IMAE.AS - Dividend Comparison

Neither XGLE.L nor IMAE.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XGLE.L and IMAE.AS in my portfolio?

XGLE.L and IMAE.AS have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XGLE.L or IMAE.AS?

On fees, XGLE.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XGLE.L or IMAE.AS?

XGLE.L is cheaper with a 0.15% expense ratio, compared with 0.20% for IMAE.AS.

What is the main difference between XGLE.L and IMAE.AS?

XGLE.L is categorized as European Government Bonds, while IMAE.AS is Europe Equities. XGLE.L tracks Bloomberg Euro Agg Govt TR EUR, while IMAE.AS tracks MSCI Europe NR EUR. They also come from different issuers: DWS and iShares. Their fees differ too: 0.15% for XGLE.L and 0.20% for IMAE.AS.